LONDON (Reuters – Britain has taken possession of a superyacht that cost 38 million pound and was being docked in London’s Canary Wharf area. It belonged to a Russian businessman, according to the government.

Phi, a Dutch-built yacht measuring 58.5 metres, was taken into detention under Russian sanctions. It is the first time that these regulations have been used for the detention of a ship.

Although Phi was claimed to be owned by a Russian businessman, the government did not confirm that. The company where the ship is registered is located in St Kitts.

“Today we’ve detained a 38 million pound superyacht and turned an icon of Russia’s power and wealth into a clear and stark warning to Putin and his cronies,” Transport Secretary Grant Shapps said in a statement.

“Defining the Phi shows, once again, that it is possible and will take tough action against anyone seeking Russian connection benefits.”

On March 13th, Phi was identified by the government as possibly Russian-owned. A subsequent investigation eventually led to Phi’s detention. According to the government, it is also looking into other vessels.

The government stated that the ship was currently in Canary Wharf to collect the superyacht prizes and that it was planning on departing Tuesday.

($1 = 0.7651 pounds)